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Indiabulls Real Estate Limited
Unaudited Financial Results – Q2 FY 2017-18
14th November, 2017
2
IBREL Consolidated Q2 FY 17-18 Q2 FY 16-17
Revenue from Operations (₹ Cr) 721.6 710.6
Other Income (₹ Cr) 104.8 201.3
Total Revenues (₹ Cr) 826.4 911.9
EBITDA (₹ Cr) 403.9 375.8
PAT after minority interest (₹ Cr) 108.4 141.6
EPS (₹) 2.36 3.06
Financial Highlights : Q2 FY17-18
• New residential Sales of ₹ 569 Cr during the quarter.
• Indiabulls Real Estate Limited, through its wholly-owned subsidiary, Ashkit Properties Limited, has acquired a
prime commercial land admeasuring 13,519 sq. mtrs. on National Highway 8 (Plot No 20, situated in Sector 18,
Urban Estate, Gurgaon). The said land will be developed as a commercial complex with an expected leasable
area of around 5 lacs sft.
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Announcement – 27 October 2017 • Voluntary unconditional cash offer announcement for acquisition of all units in Indiabulls Properties Investment Trust, a
SGX-ST listed business trust ('IPIT') by Brenformexa Limited ('the Offeror'), a wholly-owned subsidiary of Indiabulls Real
Estate Limited ('the Company').
• With reference to the earlier announcement dated October 11, 2017, informing that the Offeror has announced a
voluntary unconditional cash offer for all of the issued units in IPIT other than those already owned and controlled by its
related corporations or their respective nominees, at the offer price of S$0.90 per unit in IPIT.
• Farallon Group has tendered all of their Units in acceptance of the Offer on October 27, 2017, the total number of Units
owned, controlled or agreed to be acquired by the Offeror and its related corporations and their respective nominees
(including valid acceptances of the Offer) amount to an aggregate of 737,333,953 Units, representing approximately
97.79 percent of the total number of Units.
• As the Offeror has received valid acceptances pursuant to the Offer in respect of not less than 90 percent of the total
number of Units in issue, the Offeror is entitled, and intends, to exercise its right to compulsorily acquire all the
remaining Offer Units, at the Offer Price of S$0.90 for each Unit.
• The above will result in the Company becoming the full 100% owner of IPIT, and IPIT will get delisted from SGX-ST.
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Major Reforms related to Real Estate sector
Regulatory Act (RERA) GST REIT
Speedy settlement of disputes
Boost foreign/domestic investment due to improve transparency
Single, unified market with tax
transparency and predictability, promoting ease of doing business and improving supply chain efficiency
Tax benefit and clarity of regulations likely to lead to an increased investor interest
Major reforms to benefit established players, with proven track record
Housing for All Liberalised FDI rules Demonetisation
Increased investment outlays
Boost foreign/domestic
investment due to improve transparency
Liberalised FDI policy has helped
boost fund flow
India has attracted a record US$ 5.7 Bn of FDI inflows in real estate, besides receiving US$ 32 Bn in PE funding
Increased participation likely to
be seen from institutional players, as the operating environment becomes more transparent.
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Net Worth (₹ Cr) 2,504
Gross Debt (₹ Cr) 4,442
Net Debt (₹ Cr) 4,121
Annuity Revenue for H1 FY18 (₹ Cr) 345
Annualised Annuity Revenue for FY18 (₹ Cr) * 692
Rental & Development Properties Summary Rental Properties
Development Properties Net Worth (₹ Cr) 3,318
Gross Debt (₹ Cr) 6,181
Net Debt (₹ Cr) 4,335
PAT for H1 FY18# (₹ Cr) 329
Annualized RoE# 19.8%
Net Surplus from Ongoing Projects (₹ Cr) 16,364 # Development Properties ROE is calculated after deducting PAT of Investment Properties
* Annuity Revenue from completed properties based on existing agreements on leased area.
Net Surplus = Pending Collections from Area Sold + Value of Unsold Inventory – Pending Construction Cost
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Rental & Development Portfolio Highlights
• One of the largest city-center commercial portfolio in the financial capital of India 4.89 msf.
• Unique tenant base with 200+ marquee tenants generating ₹ 692 Cr Annuity revenue.
• Substantial embedded growth through:
Other 5 office developments currently under progress reaching to ₹ 1,421 Cr Annuity revenue.
Meaningful rent reversions given a sizeable area is currently under-rented.
Standard contractual escalations.
• Over 15 ongoing Development projects with total Saleable area of 33.91 msf to generate net surplus of ₹ 16,364 Cr.
• For almost entire portfolio of under construction projects, key approvals (including municipal and land development) are already in place significantly reducing execution risk.
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Details of Rental Properties of IBCAL
Property Leasable Area (Mn. sqft)
Projected Annuity Revenue
in FY 20-21 (₹ cr)
Completed Properties Indiabulls Finance Centre and One Indiabulls Centre, Mumbai 3.3 690
One Indiabulls Park, Chennai 1.9 91 Total 5.2 781
Properties under construction & in Planning/Approval Process
Indiabulls Finance Centre - New Tower, Mumbai 0.79 159
Worli Commercial, Mumbai 0.80 258
Indiabulls Mint, Sector 104, Gurgaon 0.40 41
Indiabulls commercial development at Sector 106, Gurgaon 1.16 118
Sector 18, Udyog Vihar, Gurgaon 0.50 64
Total 3.65 640
Grand Total 8.85 1,421
The above calculations are on the basis of 91% occupancy. Our completed properties have 91% occupancy as on date.
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Rental Properties – Operational
One Indiabulls Park, Chennai
Indiabulls Finance Centre, Mumbai
One Indiabulls Centre, Mumbai
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Underdevelopment Portfolio – Surrounding Infrastructure Upgrade
• Worli Commercial Towers - Abutting the proposed Acharya Atre Station (Colaba-Seepz Metro
corridor)
• Indiabulls Finance Centre, New Tower - Abutting the Western & Central Railway Stations
• Gurgaon Projects - located on NH8 and Dwarka Expressway (recently awarded National
Highway Status & tender issued for construction of pending flyovers & underpasses)
• One Indiabulls Thane - close to proposed Metro Station (Wadala-Kasavadavali corridor) and
major arterial roads (Eastern Expressway & Ghodbunder Road)
• Panvel – close to Navi Mumbai International Airport & to South Mumbai via proposed
Mumbai Trans Harbour Link
Development Properties Update: London Project “Hanover Bond”
• Construction started and soft launch done in Q1 FY’ 18
• Five star hotel operator who will manage onsite hotel and provides
services to apartments owners. Deal signed will be launched shortly.
• During soft launch already sold 8 apartments @ £4800 psf. Value of 8
apartments sold is £35.8 Mn
• Official launch date of project in Q3 FY’ 18
• 79 apartments for sale across 75,000 sq. ft. saleable area
• 50 key luxury 5-star hotel with retail space
• Expected Gross Development Value = £580 million
• Costs to incur = £166million
• Net Surplus = £414 million
• Demolition of the building is close to completion
• Appointed contractor to carry out excavation, basement box build out
10 (Net Surplus = Pending Collections from Area Sold + Value of Unsold Inventory – Pending Construction Cost)
Summary of Ongoing Development Projects, and Land Bank
Projects
Total Saleable
Area (Mn. sq. ft.)
% Area Sold Gross Development Value (₹ Cr) Pending
Construction Cost
(₹ Cr)
Net Surplus (₹ Cr)
Total Sold Inventory
Unsold Inventory
Ongoing 33.9 54.4% 32,421 15,901 16,520 7,016 16,364
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• Net debt in development arm is ₹ 4,335 Cr against a Net Surplus of ₹ 16,364 Cr
Net Surplus = Pending Collections from Area Sold + Value of Unsold Inventory – Pending Construction Cost
Ongoing Projects
Land Bank (Fully paid for) 1. A total of 1,046 acres spread over Mumbai, Chennai & NCR
2. Nashik SEZ of 2,588 acres
Details of Ongoing Development Projects
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Project Location Area (Mn. sq. ft.)
Gross Development Value (GDV)
(₹ Cr)
% Area Sold
Pending Collections
from Area Sold (₹ Cr)
Pending Construction
Cost (₹ Cr)
Net Surplus (₹ Cr)
Handover Expected in Next 4 to 5 Quarters
Blu Estate & Club, Worli Mumbai 1.36 5,831 99.3% 2,710 525 2,229
Indiabulls Greens, Panvel Mumbai 8.73 4,389 86.9% 1,766 937 1,681 Handover Started
Indiabulls Golf City, Savroli Mumbai 5.39 3,241 28.2% 638 1,044 1,914
Centrum Park, Gurgaon NCR 2.16 908 80.1% 74 18 295 Handover Started
Enigma, Gurgaon NCR 1.76 1,115 90.9% 131 21 236
Indiabulls Greens, Chennai Chennai 2.07 817 59.4% 86 73 382 Handover Started
Indiabulls City, Sonepat NCR 1.76 251 51.7% 18 10 150 Handover Started
One Indiabulls, Gurgaon NCR 4.68 3,744 0.0% - 1,268 2,476
One Indiabulls, Vadodara Vadodara 0.23 83 13.0% 8 14 64
Indiabulls One 09 Gurgaon 1.10 869 21.8% 130 287 533
Mega Mall, Jodhpur Jodhpur 0.65 363 32.3% 49 89 223
Indiabulls Seirra, Vizag Vizag 0.84 265 81.0% 122 127 47
One Indiabulls Thane Mumbai 1.40 1,616 19.3% 240 486 1,106
Sky Forest Mumbai 1.63 3,842 65.6% 575 661 1,398
Hanover Bond, Mayfair* London 0.14 5,087 9.9% 313 1,456 3,630
Total 33.91 32,421 6,860 7,016 16,364
- Net Surplus = Pending Collections from Area Sold + Value of Unsold Inventory – Pending Construction Cost - * Exchange rate considered £1 = ₹ 87.7
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Development Properties
Blu Estate & Club, Mumbai
Centrum Park, Gurgaon
Sky Forest, Mumbai
Greens, Panvel Golf City, Savroli
Enigma, Gurgaon Greens, Chennai Mega Mall, Jodhpur
Blu Estate & Club, Mumbai
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Detailed Financials
Balance Sheet - Abstract (Consolidated)
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Particulars H1 FY18 FY17
Non-Current Assets 4,952.84 5,062.01
Current Assets 15,171.91 13,505.58
Total Assets 20,124.75 18,567.59
Shareholders' Funds 5,822.18 4,753.88
Non-Current Liabilities 9,328.04 8,418.89
Current Liabilities 4,974.53 5,394.82
Total Equity and Liabilities 20,124.75 18,567.59
Amount in ₹ Cr
Cash Flow – Abstract (Consolidated)
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Amount in ₹ Cr
Particulars H1 FY18 H1 FY17
Opening Cash and Cash Equivalents (incl. short-term Liquid Investments) 1,083.23 1,584.11
Operating Cash Flows (278.84) 165.00
Investing Cash Flows (227.73) 109.19
Financing Cash Flows 1,590.04 (373.70) Closing Cash and Cash Equivalents (incl. short-term Liquid Investments) 2,166.70 1,484.60
Assets – Abstract (Consolidated)
Amount in ₹ Cr 17
Particulars H1 FY18 FY17 Non-Current Assets (a) Property, plant and equipment 119.09 128.65 (b) Capital work-in-progress - 0.96 (c) Investment property 3,635.93 3,657.82 (d) Other intangible assets 0.58 0.55 (e) Financial assets Investments 253.42 342.01 Loans 68.58 62.37 Other financial assets 2.93 6.27 (f) Deferred tax assets, net 356.77 378.04 (g) Non-current tax assets (net) 315.57 314.88 (h) Other non-current assets 199.97 170.46 Total of Non-Current Assets 4,952.84 5,062.01 Current Assets (a) Inventories 7,916.56 7,828.62 (b) Financial Assets Investments 664.57 533.21 Trade receivables 4,204.17 3,824.23 Cash and cash equivalents 1,275.50 352.52 Other bank balances 226.67 197.50 Loans 260.05 168.27 Other financial assets 1.40 1.19 (c) Other current assets 622.99 600.04 Total of current assets 15,171.91 13,505.58
Liabilities – Abstract (Consolidated)
18 Amount in ₹ Cr
Particulars H1 FY18 FY17 Non-Current Liabilities (a) Financial liabilities Borrowings 8,592.76 7,491.74 Trade payables 314.96 318.27 Other financial liabilities 203.50 369.60 (b) Provisions 9.40 7.89 (c) Other non-current liabilities 205.00 231.39 Total of Non-Current Liabilities 9,419.10 8,418.89 Current Liabilities (a) Financial liabilities Borrowings 800.00 508.00 Trade payables 306.23 309.37 Other financial liabilities 1,424.72 2,021.17 (b) Other current liabilities 2,306.47 2,417.43 (c) Provisions 1.72 1.32 (d) Current tax liabilities (net) 79.61 137.53 Total of current liabilities 4,918.75 5,394.82
Profit & Loss Account – Abstract (Consolidated)
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Amount in ₹ Cr
Particulars Q2 FY18 Q2 FY17 H1 FY18 H1 FY17
Revenue from Operations 721.58 710.61 1,798.40 1,583.06
Operating Revenues 721.58 710.61 1,798.40 1,583.06
Non Operating Income 104.80 201.31 124.85 223.19
Total Revenues 826.38 911.92 1,923.23 1,806.25 EBITDA (Excluding Non Operating Income) 299.06 174.44 672.77 474.08
Profit Before Tax 181.15 212.72 389.50 376.74
Profit After Tax & Minority Interest 108.45 141.61 281.53 247.26
Diluted EPS (₹) 2.33 3.01 5.93 5.54
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Balance Sheet
Consolidated Balance Sheet
21
Balance Sheet as on 30 September 2017 (Consolidated - Unaudited) Amount in ₹ Crore
As on September 30, 2017
Unaudited
As on March 31, 2017
Audited
ASSETS
Non-current assets(a) Property, plant and equipment 119.09 128.65 (b) Capital work-in-progress - 0.96 (c) Investment property 3,635.93 3,657.82 (d) Other intangibe assets 0.58 0.55 (e) Financial Assets
Investments 253.42 342.01 Loans 68.58 62.37 Other financial assets 2.93 6.27
(f) Deferred tax assets 356.77 378.04 (g) Non-current Tax Assets 315.57 314.88 (h) Other non-current assets 199.97 170.46 Total of Non-current assets 4,952.84 5,062.01 Current assets(a) Inventories 7,916.56 7,828.62 (b) Financial Assets
Investments 664.57 533.21 Trade receivables 4,204.17 3,824.23 Cash and cash equivalents 1,275.50 352.52 Other bank balances 226.67 197.50 Loans 260.05 168.27 Other financial assets 1.40 1.19
(c) Other current assets 622.99 600.04 Total of current assets 15,171.91 13,505.58
Total of Assets 20,124.75 18,567.59
Consolidated Balance Sheet (Contd.)
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Balance Sheet as on 30 September 2017 (Consolidated - Unaudited) Amount in ₹ Crore
As on September 30, 2017
Unaudited
As on March 31, 2017
Audited
EQUITY AND LIABILITIESEquity(a) Equity share capital 94.93 87.18 (b) Other equity 5,094.05 3,955.81 Total of Equity (for owner of parent) 5,188.98 4,042.99 Non-contorll ing interest 633.20 710.89 Total of Equity 5,822.18 4,753.88 LiabilitiesNon-current liabilites(a) Financial l iabil ities
Borrowings 8,592.76 7,491.74 Trade payables 314.96 318.27 Other financial l iabil ities 203.50 369.60
(b) Provisions 9.40 7.89 (c) Other non-current l iabil ities 207.42 231.39 Total of Non-current liabilites 9,328.04 8,418.89 Current liabilities(a) Financial l iabil ities
Borrowings 800.00 508.00 Trade payables 303.45 309.37 Other financial l iabil ities 1,486.84 2,021.17
(b) Other current l iabil ities 2,310.16 2,417.43 (c) Provisions 1.70 1.32 (d) Current tax l iabil ities (Net) 72.38 137.53 Total of Current liabilites 4,974.53 5,394.82
Total of Equity and Liabilities 20,124.75 18,567.59
Consolidated Income Statement
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Statement of profit and Loss (Consolidated) Amount in ₹ Crore
Unaudited Unaudited Unaudited Unaudited Unaudited Audited1
a) Revenue from operations 721.58 1,076.82 710.61 1,798.40 1,583.06 2,320.34 b) Other income 104.80 20.02 201.31 124.83 223.19 523.96 Total income 826.38 1,096.84 911.92 1,923.23 1,806.25 2,844.30
2a) Cost of land, plots, constructed properties and others 279.98 567.17 432.65 847.15 900.65 1,191.39 b) Employee benefits expense 35.20 28.41 31.69 63.60 59.62 116.09 c) Finance costs 198.23 161.58 145.50 359.80 285.69 560.81 d) Depreciation and amortisation expense 24.48 23.81 17.22 48.29 34.14 71.43 e) Other expenses 107.34 107.54 71.83 214.88 148.71 367.49
645.23 888.50 698.88 1,533.73 1,428.81 2,307.21 3 Profit before tax and share of profit from associates (1-2) 181.15 208.35 213.04 389.50 377.43 537.09 4
a) Current tax (including earlier years) 88.05 32.63 32.53 120.67 63.80 113.73 b) Deferred tax charge/(credit) (0.79) 23.15 45.51 22.36 60.09 68.89
5 Net profit after tax before share of profit from associates (3-4) 93.90 152.57 135.00 246.46 253.54 354.47 6 - - (0.32) - (0.69) 2.20 7 Net profit for the period/year (5+6) 93.90 152.57 134.68 246.46 252.85 356.67 8
(i) Items that will not be reclassified to profit or loss (27.67) (35.07) (75.70) (62.75) (41.56) (43.83) (ii) Income tax relating to items that will not be reclassified to profit or loss (0.00) 0.03 0.02 0.03 (0.28) 0.09 (iii) Items that will be reclassified to profit or loss 54.94 35.90 (34.94) 90.84 (74.51) (129.06) (iv) Income tax relating to items that will be reclassified to profit or loss - - - - - - Other comprehensive income 27.26 0.85 (110.62) 28.12 (116.34) (172.80)
9 Total comprehensive income for the period/year (7+8) 121.16 153.42 24.06 274.58 136.51 183.87
108.45 173.09 141.61 281.53 247.26 396.89 (14.55) (20.52) (6.92) (35.07) 5.59 (40.22)
27.24 85.34 (110.50) 28.09 (116.24) (172.81) 0.02 0.00 (0.12) 0.02 (0.10) 0.01
102.36 3.33 3.06 6.01 5.58 8.66 2.33 3.29 3.01 5.93 5.54 8.60 (b) Diluted (in Rs.)
Earnings per equity share (Face value of Rs. 2 per equity share)(a) Basic (in Rs.)
Non-controlling interests
Income from operations
Expenses
Total expenses
Tax expense
Share of profit/(loss) of associates
Other comprehensive income
Net profit attributable to :Owners of the Holding CompanyNon-controlling interests
Other comprehensive income attributable to :Owners of the Holding Company
Particulars3 months ended September 30,
2017
Preceeding 3 months endedJune 30, 2017
Corresponding 3 months ended September 30,
2016
Year to date figures for
current period ended
September 30, 2017
Year to date figures for
current period ended
September 30, 2016
Previous year ended
31 March 2017
Corporate Social Responsibility
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Indiabulls Foundation: Corporate Social Responsibility
Best Overall Excellence in CSR award at National Awards for Excellence in CSR & Sustainability 2016
Health
Paushtik Aahar: - Free nutrition supplements to the underprivileged and malnourished - 20,000 individuals per month - Over 1,42,000 children to date
Green soles: - 2,700 recycled footwear distributed Kumud: - Sanitary napkin distributed to more than
54,000 women and adolescent girls - Hygiene awareness sessions conducted
Jan Swastha Kalyan Vahika (charitable mobile medical vans): - Free primary healthcare facility - Added 3 vans to existing fleet of 20 - More than 11,77,000 patients diagnosed Free Medical Clinic: - 5 free medical clinics - More than 1,62,490 patients treated Health Check-up Camp: - Conducted extensively in Thane, Raigad
and Palghar districts - 27,843 beneficiaries till date
Sanitation
Nutrition
Education Scholarship: - Scholarship awarded to over 800
meritorious students across India
Computer Literacy Program: - 1,000 computers to tribal ashram schools,
shelter homes and night schools
Tie-up with ESHA foundation: - Create awareness about online library of
ESHA, helped 47,000 visually challenged
Renewable Energy Plants: - Free of cost round-the-clock seamless
electricity to 5 tribal ashram schools - Benefits 3,400 tribals students every year
Rural Empowerment
Water Wheel Project: - Distributed more than 1,900 water wheels
benefitting over 10,000 villagers Women Empowerment:
- Skill development programmes successfully completed, benefiting over
600 women across 7 states 25
Renewable Energy
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This document contains certain forward‐looking statements based on current expectations of Indiabulls Real Estate Ltd.'s (CIN: L45101DL2006PLC148314) management. Actual results may vary significantly from the forward‐looking statements in this document due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, and outside India, volatility in interest rates and in securities markets, new regulations and government policies that might impact the business of Indiabulls Real Estate Ltd., the general state of the Indian economy and the management’s ability to implement the company’s strategy. Indiabulls Real Estate Ltd. doesn’t undertake any obligation to update these forward‐looking statements. This document does not constitute an offer or recommendation to buy or sell any securities of Indiabulls Real Estate Ltd. or any of its subsidiaries or associate companies. This document also doesn’t constitute an offer or recommendation to buy or sell any financial products offered by Indiabulls Real Estate Ltd. Investor Contact : Mr. Vinayak Vishwanath [email protected] +91 22 6189 1481
Thank you